High-end foreign investments and the growing middle-class population are driving the growth of Vietnam Blockchain Market in the forecast period, 2022-2026.
According to TechSci Research report, “Vietnam Blockchain Market By Component (Platforms and Services), By Provider (Application, Middleware, and Infrastructure), By Type (Private, Public, and Hybrid), By Organization Size (Small and Medium Sized Enterprises, Large Enterprises), By Application Area (Transportation and Logistics, Food & Agriculture, Manufacturing, Energy & Utilities, Healthcare, Media and Entertainment, Banking and Financial Services, IT & Telecom, Others), By Region, Competition Forecast & Opportunities, 2026”, the Vietnam Blockchain market is expected to witness steady growth in the forecast period, 2022-2026. Vietnam's flourishing national economy and favorable government policies creating an ideal start-up environment are driving the formation and development of many fintech start-ups. Increasing digitalization across industries and the high demand for improved transparency in digital transactions are expected to boost the Vietnam Blockchain market growth.
However, the rise in security and privacy concerns may restrain the Vietnam Blockchain market growth in the forecast period.
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The Vietnam Blockchain market is segmented on the basis of component, provider, type, organization size, application area, competitional landscape, and regional distribution.
On the basis of the component, the Vietnam Blockchain market is divided into platforms and services. The platforms segment is expected to witness huge growth in the forecast period, 2022-2026. Customized digital ledger networks for end users are designed by the digital ledger network and application developers by using the platforms in Blockchain technology. The growing demand for different platforms including Ripple, Ethereum, R3 Corda, Hyperledger Fabric in several industries is influencing the market demand.
On the basis of the type, the Vietnam Blockchain market is divided into private, public, and hybrid. The public segment is expected to hold the largest market share in the forecast period. A public Blockchain can be defined as the public portal and anyone can join the public network as it has no restrictions on the participation of people. Blockchain technology helps in the creation of decentralized system and offers maximum security to the consumers. The presence of reliable and strong internet connection enables the users to easily log into the system which is irrespective of the type of device and device location. Everything in public Blockchain is recorded, public and cannot be changed.
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On the basis of the organization size, the Vietnam Blockchain market is divided into small and medium sized enterprises and large enterprises. The large enterprises segment is expected to dominate the market in the predicted period. The growing need for digital services among different business channels and the high investment for enhanced security is the driving factor contributing to the growth of Blockchain technology in the large enterprises segment.
On the basis of the application area, the Vietnam Blockchain market is divided into transportation and logistics, food & agriculture, manufacturing, energy & utilities, healthcare, media and entertainment, banking and financial services, IT & telecom, and others. The banking and financial services are expected to witness the fastest incremental growth in the next five years. The growing investments in the Blockchain technology by the financial service providers and growing demand for transparency in the digital transactions is expected to contribute to the market demand.
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“The government is promoting advanced technologies, including Blockchain and the internet of things, by allocating huge funds for technological advancements in the country. The growing demand for IoT technology for applications such as vehicular connectivity, smart homes, smart grids, and smart transportation fuels the need for Blockchain technology as it helps create a decentralized network of IoT devices, eliminating the need for central communication between them the devices. An increase in the number of cyber-attacks is fueling the demand for Blockchain-infused IoT, which offers higher security measures and helps optimize the time spent in communication. The growing use of advanced technologies and the development of solid ICT infrastructure is expected to propel the growth of the Vietnam Blockchain market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Blockchain Market By Component (Platforms and Services), By Provider (Application, Middleware, and Infrastructure), By Type (Private, Public, and Hybrid), By Organization Size (Small and Medium Sized Enterprises, Large Enterprises), By Application Area (Transportation and Logistics, Food & Agriculture, Manufacturing, Energy & Utilities, Healthcare, Media and Entertainment, Banking and Financial Services, IT & Telecom, Others), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of Vietnam Blockchain market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam Blockchain market.
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